The US Department of Agriculture has lowered the forecast for US poultry production, according to the most recent World Agricultural Supply and Demand Estimates (WASDE) report. 

The forecast for 2023 poultry production is lowered from last month, on lower broiler forecasts. Broiler production is lowered on current slaughter data and expectations of a lower number of chicks placed and lighter bird weights. Turkey production is unchanged from last month. Egg production is reduced on hatchery data. 

For 2024, the poultry production forecast is reduced on lower broiler production as weaker prices are expected to constrain production growth. No changes are made to the turkey forecast. The slower pace of egg production growth for 2023 is expected to carry into the first part of 2024, reducing the production forecast.

Broiler exports for 2023 and 2024 are reduced on the current pace of trade and a lower production forecast. Turkey exports are raised for 2023 and 2024 as prices are expected to be attractive for buyers.

The broiler price forecast for third quarter 2023 is raised on current prices but the forecasts for the outlying quarters, including 2024, are unchanged from last month. Turkey price forecasts for 2023 and 2024 are reduced on continued weakness in demand. Egg price forecasts are raised on slower expected production growth.